Wilmington Finance Ceases Wholesale Ops

Published June 18, 2008, 1:00 p.m. EDT

1 Min Read

Wilmington Finance Inc., Plymouth Meeting, Pa., has announced a cessation of wholesale mortgage banking operations that will lead to layoffs of approximately 335 people by year's end. WFI said it will honor the existing loan commitments in its mortgage banking pipeline and maintain a reduced retail operation. The company, an originator of nonconforming mortgage loans, is a wholly owned subsidiary of American General Finance Inc., Evansville, Ind. American General is a subsidiary of American International Group.

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